Denmark-originated
broker Saxo Bank reported higher trading volumes in the forex (FX) market for
October, breaking a four-month streak of consecutive declines. The total FX
volume for the past month stood at $112.5 billion, showing a 6% increase
compared to September 2023. The overall monthly volume also recorded a more
pronounced increase.
According
to the latest data published by the broker, the average daily volume (ADV)
remained steady at $5.1 billion, but the total FX volume rebounded from $106.1
billion. The October values were the highest since May and among the highest
this year.
This
allowed for a break in the downward trend observed since mid-year, stemming
from decreasing investor activity in the markets due to falling volatility .
Saxo’s
total volume for all asset classes (including commodities, equities, and fixed
income) grew from $438.3 billion to $462 billion, with the ADV modestly
strengthening from $20.9 billion to $21 billion.
The
strongest growth momentum was observed in the FX market and equities, where the
monthly volume jumped from $289.1 billion to $297.5 billion.
Compared to
October 2022, the figures are mixed. While the total volume turned out to be
significantly higher than the reported $432.2 billion, the FX volumes were at
noticeably lower levels. Last year, they were at $127.9 billion.
This
reflects the situation reported by FxSpotStream. In its case, foreign exchange
volumes also grew on a monthly basis but fell on an annual basis.
Saxo Bank UK’s Profit Dips
The recent
financial overview indicates that Saxo Bank’s UK branch net earnings decreased by 16% to
£10.47 million in 2022, notwithstanding an expansion of its clientele by
20,000. The bank experienced a drop in net operating income from £32.1 million
to £26.2 million and reported an operating profit of £10.30 million, a decline
from the preceding year’s £15.56 million. The net profit, despite the
shrinkage, was £10.47 million, marking a 16% uptick from the £12.41 million
recorded in 2021.
Corresponding
with the Saxo Bank Group’s global financial disclosures earlier this year, the
UK branch’s figures revealed a 6% decrease in net profit, totaling DD 711
million for 2022. Nonetheless, the first half of 2023 has already shown a 34%
surge in profits, despite a persistently lower level of trading by retail
investors.
Amidst
these financial developments, the UK’s Financial Conduct Authority (FCA) has
warned about fraudulent schemes imitating Saxo Bank. These “clone
firms” are meticulously duplicating the legitimate firm’s details, such as
names, websites, addresses, and logos, to dupe people into believing they are
dealing with a genuine financial institution.
Denmark-originated
broker Saxo Bank reported higher trading volumes in the forex (FX) market for
October, breaking a four-month streak of consecutive declines. The total FX
volume for the past month stood at $112.5 billion, showing a 6% increase
compared to September 2023. The overall monthly volume also recorded a more
pronounced increase.
According
to the latest data published by the broker, the average daily volume (ADV)
remained steady at $5.1 billion, but the total FX volume rebounded from $106.1
billion. The October values were the highest since May and among the highest
this year.
This
allowed for a break in the downward trend observed since mid-year, stemming
from decreasing investor activity in the markets due to falling volatility .
Saxo’s
total volume for all asset classes (including commodities, equities, and fixed
income) grew from $438.3 billion to $462 billion, with the ADV modestly
strengthening from $20.9 billion to $21 billion.
The
strongest growth momentum was observed in the FX market and equities, where the
monthly volume jumped from $289.1 billion to $297.5 billion.
Compared to
October 2022, the figures are mixed. While the total volume turned out to be
significantly higher than the reported $432.2 billion, the FX volumes were at
noticeably lower levels. Last year, they were at $127.9 billion.
This
reflects the situation reported by FxSpotStream. In its case, foreign exchange
volumes also grew on a monthly basis but fell on an annual basis.
Saxo Bank UK’s Profit Dips
The recent
financial overview indicates that Saxo Bank’s UK branch net earnings decreased by 16% to
£10.47 million in 2022, notwithstanding an expansion of its clientele by
20,000. The bank experienced a drop in net operating income from £32.1 million
to £26.2 million and reported an operating profit of £10.30 million, a decline
from the preceding year’s £15.56 million. The net profit, despite the
shrinkage, was £10.47 million, marking a 16% uptick from the £12.41 million
recorded in 2021.
Corresponding
with the Saxo Bank Group’s global financial disclosures earlier this year, the
UK branch’s figures revealed a 6% decrease in net profit, totaling DD 711
million for 2022. Nonetheless, the first half of 2023 has already shown a 34%
surge in profits, despite a persistently lower level of trading by retail
investors.
Amidst
these financial developments, the UK’s Financial Conduct Authority (FCA) has
warned about fraudulent schemes imitating Saxo Bank. These “clone
firms” are meticulously duplicating the legitimate firm’s details, such as
names, websites, addresses, and logos, to dupe people into believing they are
dealing with a genuine financial institution.
